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CITC’s board approves tower infrastructure acquisition by Zain KSA’s unit

CITC’s board approves tower infrastructure acquisition by Zain KSA’s unit
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ZAIN KSA
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Riyadh – Mubasher: The board of the Communications and Information Technology Commission (CITC) has granted the green light for Zain Business Ltd Company to acquire at least 8,069 telecom tower sites, owned by Mobile Telecommunications Company Saudi Arabia (Zain KSA).

On 28 May, Zain KSA received a letter from the CITC, including the approval of the Commission’s board on the acquisition transaction, according to a bourse filing on Sunday.

The Saudi listed firm pointed out that it will disclose any material developments in due course.

It is worth mentioning that last February, the Zain KSA’s board approved to sell an 80% stake in its towers for SAR 3.02 billion ($807 million).

During the first quarter (Q1) of 2022, Zain KSA logged net profits after Zakat and tax worth SAR 81 million, an annual leap of 97.56% from SAR 41 million.